The Egyptian Styrene & Polystyrene Production Co. – E-Styrenics – and the UK-based New Perspective company have signed a one-year renewable agreement for the supply of raw styrene for industrial purposes, Egypt Oil & Gas reported.

New Perspective will provide Egypt with 100,000 tons of styrene material per year to produce polystyrene, the main raw material in many small and medium industries.

Tarek El Molla, Minister of Petroleum and Mineral Resources, said the move is aimed at re-opening the company’s Alexandria-based petrochemical plant for the production of polystyrene after it had been closed for over a year in order to meet the needs of the domestic market and to export the surplus.

The plant’s investment cost is estimated at $406m and was funded by national investments from the petroleum sector, by the Ministry of Finance, and through loans from national banks.